TRX Gold (TRX) 4 Dec 232023 Q4 Earnings call transcript

Company Profile

Participants

Christina Lalli	executive
Stephen Mullowney	executive
Michael Leonard	executive
Andrew Cheatle	executive
Heiko Ihle	analyst
Jacob Sekelsky	analyst
Richard Niehuser	analyst
Craig Sutherland	analyst
John Tumazos	analyst

Call transcript

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Christina Lalli

[Audio Gap] year-end and Fourth Quarter Results Presentation.

As a reminder, all participants are in listen-only mode, and the meeting is being recorded. After the presentation, there will be an opportunity to ask questions. [Operator Instructions] I would like to now turn the meeting over to Stephen Mullowney, TRX Gold, Chief Executive Officer. Stephen?

Stephen Mullowney

Yes. Christina. you, Thank

had the our begin quarter. I'd to be us like during Sinclair with Before he and and call Chairman that will here of all founder year, missed. the good passed recognize relationship this Mr. we greatly and today, a away And during

Meeting. General excited our part in call for the in we're significant Year as starting Gold potential this have So another what of conference Obviously, to amount conference with is that, the quite had we'll Meeting call. for the the And Annual General of year-end XXXX have a I'm we an Annual plant had We XXXX. expansion. what growth. Buckreef really And We is project. see New

a getting as as much property the that hopefully, profile of We're underway. resources better the of for can particularly our geological that one significantly increase another are go property have as and well and the the well. the increase property production continuing on excited to potential quite for where time, sense over We quite

We're So as excited was well. year. a for quite going great a and for today's company where we're XXXX call as

a note. So there's obviously, cautionary

about be forward-looking will talking We statements.

website ask Toronto. are note. in So to our the in here Andrew hand, COO we corporate go everyone and read I'd have Today's presentation to to myself, our obviously our cautionary speakers raise your

us from CFO, our Mike, here with is me Montreal. have joining and We well, as Christina

lot growing A of hear in very company. TRX, So a will presentations. this our you We're

production on resources and we an time. continues growth a on the to side, rapid and deliver growth, over We have the on have production potential the experienced our team both specifically exciting blue-sky property that management side,

statement, project, grams everybody Right category, million the X.X just indicated around X Gold Gold resource ounces a under have a Buckreef tonne. project. reminder, the the in and give XXXX the measured So now, we Buckreef to

vertical we'll it's which moved crush this and sulphide relatively it's shear are and and our presentation, XX As metallurgy the does ore. the deposit come continue surface, very be The to widths and a processed. to lot flat mine grind results as easily of minable. during CIL And you a it's around zone, easy in year, know, the meters, oxide plan exciting get is now around into the ore, the into which is so

permitted fully are as We grow as large can. we to

and -- been it's has Our production renewable the to of guidance. meeting are is and life permit plant for XXXX mine extended deposit. The the consistently processing

recycle a have footprint. minimal environmental We We all water.

with environmental and we to time mine potential, have exploration to considerable license, we do special life will the We all adhere connected we And And international goes of that. that mean a ESG hopefully which grid. national as standards a tailings management. can period good exceptional good power have for mining We're program around standards well. on this and a

dilution. to And with market So growth. and lot that operating and in now that the achieved minute a flow margin. record continue then adjusted we've a to profit it. We and with grow into statistics will in the revenue, predominantly great XXXX. get back Mike generated cash reinvested into now business capital as EBITDA our right with a capital, I self-fund was regards operation told is management to there predominantly minimal participants is have manage of we, goal to -- I And team highlights, as the your XXXX think as

X resource X well potential, execute both as profile year on us the plan. as that's able have the going in to reinvest is that basis. that enable production basis we've more cash that business expansion is and the So months, flow expansion to into to with to back a business next on And to been to the I then the think first this occur business the

on time budget in on executed we for XXXX, million. $X.X in So and X,XXX It on came the plant. company

are and We're be by will grade talking the capacity unlocked production on we'll XX% We another Buckreef deposit, XXX%. because that about capacity on the the to zone, going which through The throughput everything particularly now we're that, expansion, dependent the mill in Buckreef increase will give will now go also Main that whole the here guidance is future. more right through Main.

next we've expand and -- around this the [ you go the Anfield so things -- Andrew. the did mineralization tackling and exploration on has XXX and mill ore look mill. project. board more And through we've of are taking the how process what's over of extended to What good a particularly program, to the blocking XXXX, we're to XX in plants to today. not And continues had and And where out or recovery the other regards bulk the of of plant like the of That the this on The doing Eastern by discovery go figuring with is ] or and main zone and you'll deposit. life sample. we exploration through that balanced go expand is going you're known We get the sulphide the through, and XX continue processing is new operational away on into. with work over of a also Porphyry go rate to really our has minutes hopefully to appropriate, Anfield gone oxides all and It suspensions meters, and time as targets -- in property. into in they to now things about sulphides to do mix of life right that zones get and sort if normal comes the begin metallurgies

for hand will he had go I the plan results to to that, financial XXXX. through Mike, with and over So

Michael Leonard

Stephen, you, Thank everyone. good and us. Thanks for joining morning,

and Stephen back we produced at sold ounces, of $X,XXX what for that the of XX,XXX price year was X,XXX-ton full at us record was the average year. having realized TRX. during line XX,XXX As in brought the in for on online touched ounces year after We of year an was it full us XX,XXX a produced with on ounce a all year year. We that, plant of last an the almost operationally October that guidance our to

You an trading can ounce. QX, prices now ounce. $X,XXX And are $X,XXX beyond in see exceeded gold an

up XXXX. fact, we this morning, over were In

certainly record growth So and next suggests going into levels record year.

In results terms of the financials, record drove as record well. production financial

on, As Stephen million. we of touched had over $XX revenues record

profit of cost million in XX%. gross Our over sales over $XX almost which a just came million, $XX at meant or of

into high-margin of So got which million, cost-effective net business. We over of record $XX operating flow back of had million, cash almost a $X very importantly, EBITDA million $XX and operation. income the reinvested

But certainly who've we've tracking a of day. next been This come into story. investors this is to continue touch year-over-year-over-year on we it's tonnes to a third that. again, board, this growth I'll year year as growth we expect on for been X,XXX and So growth since expand

cost that for ounce. cash to an for of primarily above to $XXX reasons ounce out of in costs end this And previously due full high that called that, the we guided the we cash costs higher-than-expected recorded $XXX range our This a couple of year. QX. in On There's incurred the was an was $XXX side, MD&A. of our we processing

with on of crushing costs, maintenance failure required maintenance. we overhaul One was unexpected circuit. mills that motor ball which was an our a higher-than-expected ended of And some with one our of coupled mill encountering up that

as last forecast to to or Buckreef. it to This and that kilometers to the using moment, cash that expect costs.Importantly, secondly, a last was higher-than-expected substation suggests organically Stephen is substantially ounce [ led normalize consistent to into where year. costs next We'll higher mentioned about is new back ounce year-on-year. November, took consequently gensets from away QX, generated reinvest substation lower a the $XX grid previously rate touch grid flow the an is $XX full impact variance budgeted. in we reconnected ] the from on, a operating that been closer by right And had $XX unplanned at and inconsistent million, roughly talk on power for was we to we've it weeks since using in outset, And I cash What ended to we unstable we $XX up lower operation fuel in the of We into a bullet Tanesco cost Buckreef at we power few from next million XXX meant be year. into So guidance a got Buckreef. the than generated, which kilometers We about experienced consumed grid. away expect maintenance connected into activities. power, an an about power our And that guess XX over have put mantra substation cash what that heading flow year over we previous was that but I'll business. seen the value-accretive around that back

of many As XXX growth we've our day. production We're by higher for tonnes a set up storage procured said day support this a touched towards on mill. day, ourselves times, cash an long-term way. we again, what long-term effort would studies, accretive and this in in And you the capital to all reinvesting at growth infrastructure X,XXX way on X,XXX tonnes expanding from additional expanded volumes. already accommodate plant having we to the assets, flow we doing to a tonnes value the look we're We've tailings business our facility do doing a

Next slide, please.

Stephen Mullowney

improving are to And these over you, it you're get Michael. continually guidance significantly. it's metrics able financial And into again. expect thank -- time. you that Financial and projects into we year, metrics to I think improve fair great. more to then Well, say expand those going get this much which we'll quickly Excellent. That's are

it pushing hill. gets almost do. hill. bigger Yes. it down off gets it's and as that bigger It bigger like goes the So to a easier and And snowball

So the quite those excited that. factors for of is one sulphides. And we're

was So extremely it we raining. last year, were wet in an season

in or the in Andrew was I spring. with regards that think once it rainfall something to XXX the like years

not rock have â€“ when in rock It sulphides so is environment, And do. easier because hard oxide into to process hard it rock doesn't you're sticky. oxides is and that clay sorry, as than

our the a metallurgical how go when just little we mill now planning recovery and mill. through see to They high the XXXX mid- should said XXXX the XXs. put fine, That's the we sulphide And experienced mine study So study we metallurgical that might or get that the feed mine -- ] substantially into XXXX they current work. XX pivoted long-term in worked -- what believe, into will planning. would the preliminary be rates bit I [ we to to

the So And rock? end area pit significant top or we this Main are are Buckreef resources of harder the that on the in top is zone on sulphides. hitting because the of is on Who the in -- XX% sulphides. the of

Andrew Cheatle

which sulphides, of the That's can has And [ demarcating is is you Pascal tonne. ]. engineer our that that senior mining rock great grams kind a at from see actually That's running color. block which who come X.X particular

Stephen Mullowney

picture the and you see could what And seeing zones. pit through zone, so see take started take oxides because the transition the investors bottom, ones a can in you Andrew the you could they're the sulphide you on already can it see

Andrew Cheatle

and That's you very right. Stephen, morning much, everybody. good thank to

back obviously, and top orange our you of the the see in the And the sulphide. then the So our at bottom, top go then is you very see the gray to of photograph look if right the That brown colors. is top rock, the at you that it's layer. the our of you you just look ochre soil, and see -- meters part the about on the stick. page, pit zone, of bottom the we That if part pit XX itself, at is oxide sort

in example. about the deepest we've very sulphide pit, been the which you've talking So our with is of expose whole started part what to the here

Stephen Mullowney

exactly. Yes,

So X,XXX slide, day on per to expansion. tonne the next a mill

we program. grow explained cash, business are program the will means it. investors pay-as-you-go what a generates pay-as-you-go business And that So lots of as does I've time, be the to it as over mean? It a to into on reinvested

can move hitting up time move So on lines backwards can that depending targets. that means lines time and essentially

ran we down, go was more subsequently into And issues had So a issues, a been which as have we from bus. also Mike related to power QX, in mentioned, resolved. power really which

guidance, year-end we're we little So hit behind bit get hopeful were to on the didn't we to. a hit production although profile, ideally we

program, little expansion in delayed lot. pay-as-you-go bit, is mill that but the a So a not the

is this we in the of or project come And on XXXX. expect on half the so mill first fiscal to site. And

The other have items been lead long ordered.

while us tonnes We this to will I put bit expand, a expanded X,XXX is hopeful first pushing little the a that us well, I'm team are tonnes crush circuit now give enable day and be to pile, from over crushing an will over going will X,XXX the and -- a explained on of mill to a I'll day star to up what be in previously, system get consistent And running. which have more expanded crushing switch feed. place we they

budgeted for That's other that, will including system the mill to and be but subsequently the And on then come of soon. metal that poured a plinth have ball goal. all long electrical thereafter. We the things that, that's the the will item the works, come lead rest of in parts and online,

expect build built we're way going and don't forward expansion well in up rates work day, we this at Tanzanian cost anticipate ore mill and conversations to doubling just producing stockpile we've previous the don't cash capital have in to to in mill is the expansions we're this That's year's as come as year, as ramp So Ironically, which be in increase funded plant existing of it. know big the just mining resources. and always $X accommodate this this existing you the worked. in through financing, to [ tonnes really XXX% And any the Obviously, ] a -- go budget. because this around. got around plants it the million. bank going we're X,XXX a We of to need problems sales

And how we're But -- grow this I to need tailings of we are the expansion. where to see but that now a you on So see be few on the on around straightforward. the angle of call long get to And a obviously, tonnes here. to expect And we're of our investors a components constructed, the after it it? we Andrew, are is here, bottom, can understand going feed other as in expansion. we as well, good we're can are everybody you procurement lifts presentation. that I in come long, a going to know can we fabrication excitement, site down that's mill But we get various on I'll on that's you. assets how have couple and the to the to long, going mine wants over to all the day. facility, so life physical questions there But take end going to capacity. And to processing X,XXX to resources continue

Andrew Cheatle

you Thank Thank few this, folks know be I the minutes, you, particularly you, me. Stephen. going with was slide. like do as And Mike. to We're a here bear for and

have under of pure sterilization program As you can we see, did that is and a drilling, including just exploration. infill X,XXX meters

Anfield on that zones XXX Porphyry, Main And And to bit the north, to opportunity get in able there's say is available realization and normalization and and south important south results little a to the zone. Stephen to subparallel throughput, probably the proximity able Eastern continuous which right the sort As do the in pits been drill future has is that?The very, resources. secure Why I several it's strong of very the have to through to mentioned the to there of Buckreef confirmed a to about some a that us. also you increases now already pit, close been way extend our to bit meters deeper this for multiple depth. at exploration underneath we've Southwestern Northeast we've

pit, time. the have main we south So pit the we in have

able underground. high-grade We time think geological define work, this brought be we to heard the talking shoots. Through have you've X our going deposit X delineate underground and will also I it's been to me and about to first

And will mine. longer very around. That go to mining. to much talks of also multiple of gives pit Porphyry. that life continuity and a And and this say Zone, our deposit South But Main Anfield confident pits, optionality and I'm so then us

Stephen Mullowney

I'm Andrew, second just I a going to you that. for there, pause into before get

from determine investors economic importance that you and just open so strip can why you how in So when you investors explain ratio don't that to switch to underground how understand pit the decision? of make you the the

Andrew Cheatle

a Stephen. And middle part doing. a in also Yes. good it's currently very question, very, that of mine the and in important the It's we're scenarios planning really

underground, high, have So go we what's economical when And becomes or and the more X to number, and to X, we those we'll maybe we underground the also those have that strip shoots. it economical ratio very kind mining grade be to gets, mining X XX high-grade go that will stripping at meters. say, doing. be of XX Those we over underground.And a a find higher made to environments risks

cost ratio. it be strip So will between a trade-off

mine widths versus to mine in the we have plus steps development to have we go turns the put to place all underground. So that

Stephen Mullowney

So a deposit. vertical given have we

Andrew Cheatle

Perfect.

Stephen Mullowney

As and valves you to have you go you angled out have out and you strip your go get properly. to deeper,

vertical we are susceptible and deposit cheaper And to XX mining is that time, probably susceptible of rock this very given meters the be the continuity. So wide, very it good underground and over will pit. underground mining. It's

Andrew Cheatle

also from It can for very very, quality good. the from mining. will already I background reports, the and talk And rock also We've underground of underground my as is an very the seen be good miner, underground. rock but it's preliminary

Stephen Mullowney

common we ]. were bolts we add ] and So steel all the we up where kinds cost supports mesh of rock to won't this to that put of talking see morning, underground about got need in you as very because [ [

Andrew Cheatle

It's through reports. That's old stopes is very old there. still open comment, those in -- last that for has as amounts won't. the and stops from No. the And development right very, that stayed just of This some XX quick a are mining we we small that's years. days the

Stephen Mullowney

flooded, pumped and of up, important XX there How not Yes, been the we've dried have point. that's them out, years. for old they're the stopes at been an I very the intact. picture still day, They've of that

Andrew Cheatle

That's been good. correct. very It's

would favorites So I X very quickly my course have. me perhaps to the of one and of â€“ highlights choose expect you of just

Porphyry, And was Eastern do surface. have note at to grams what XX close meters we a XX. X.X below that, the On under at including surface, X very, from result tonne, our here very seen meters that meters it's great best here, width is XX just

Anfield that, XX another We about Zone, to tonne. grams a away. got the And shallow X.X we've it's addition at X.X from quite again, intersect In so meters at XX.X kilometer meters.

been of presentation have Christina, the of with guy a investors couple still I of it Anfield from the think is have a of -- though, holding the some that us you end the is a for might that the And you rock, years, and picture Zone.

we grams X So very XX nearly very, pleasantly are result zones in year. X And of to South sell-it mineralization rate then similar between the the into we been trend. water under program. just by getting to that tonne And back plan great our remain to X a A mine And drew I grams bullish under to that all still on a we're position. meters early currently very later pit, overall actually tonne. that here the plan surprised main we've at deposit. the doing this wide get in very

Stephen Mullowney

Excellent.

Andrew Cheatle

Thank you, Stephen.

Stephen Mullowney

day for So everyone I the relative -- and year, to as obviously, with X,XXX hearing don't able tonne story. anybody and able cheaply, the plant. build a extremely up to to Mike. see TRX put market per We're mills to regards guidance the knows capacity

million, million. seen for it's $XX been where asset including cost world. million, and of haven't challenge the If that, than because has around $XX more $XX of for than at We of type $XX a $XX to I less that the less our million go and done people else parts million, all other similar anything million. $XX you expansions, It's look see

Michael Leonard

suggesting your been I think very has capital this this, efficient so to studies point. we And had

Stephen Mullowney

exactly. Yes,

Michael Leonard

online. the in we're mill X,XXX plant to of for plant. be a guidance rate expansion. day to for plant the per to coming XX,XXX So doing going broad be majority year year X,XXX operating tonne the third tonne ounces. That's The not the production over the day X,XXX tonne the and that going per of day per then XX,XXX is That's

comments bit costs a tonne be the plant will as full to we a substantially as just sites. per plant So expect closer when in be of make guidance. higher And day next grid an of than to $XXX we comes probably is connected Cash again, couple little come $XXX run Well, mean at to X,XXX lower year. that that ounce the talked online might on that, that's a and I substation I about Stephen. rate. Power to

way. don't X,XXX economies day. that workforce We need receive But We've expect So from some to from plant. substantially tonnes for been scale investors expect the of some larger telling quite expand to a this to time. a we benefit importantly, to grow X,XXX significant

and twice So use inevitably, down workforce because the cost processing ounce your existing able per ton your per things the cost to like to output. cash they're come produce

Stephen Mullowney

Yes, exactly.

we're X,XXX that here tons numbers numbers day. the are blended X,XXX a between So and presenting

Michael Leonard

And I might just comment. make one final

our well. on If go plant figures of bring of that time. as some the able unexpected on been as guidance like our is other we've I expenditure exceed and that variances ahead slide you up here, put online touched pay move power and mantra, can to to how issues. You capital some or connectivity the and motor targets of that mantra. try we'll way to the the had team explained there breakdowns extent go mill the we the And downside,

Stephen Mullowney

it to Yes, that. do the we makes models, because at when sense look

Michael Leonard

XXX%. Yes.

Stephen Mullowney

XXX%, so that. it makes sense do to really

capital good are in construction mining, programs do business that our enhance drilling, is has have mine hopeful in we're capital said XXXX, produce and So citizens. able When inputs a I'm that and ESG. this see with. to mindful thereafter.So XXX% plus of of things see revenue beneficiaries because to we Tanzania, that we gold, as and over we for license local our can simple: do workers ESG, risk. our exploration XX% a the again, costs a in done pay that. as lot Tanzanian great we're able we the nature. biggest I to in plan in much on-site, be and and got it assets. always of And in That corporate That's over expenditures they do cost to in there, be you've to of helps additional too. Thus, put time. operating I've as that good goal to able building again do pretty people. And would social capital our We're we social local should and that can XXXX that for and are capital have we're job reduce and procure pay out you as in

We for That also this around schools and and and into health have our them abnormal in traditional or Africa, Tanzania miners work area we Buckreef. facilities. we is with not into reinvest

and We operation adhering partner. as a and to content have goal result is possible And as of STAMICO more a smooth to highest the joint have utilizing a overall clean, much much governance. as corporate venture efficient local

as well. possible as So

Andrew Cheatle

Stephen, mean, substantially our supply may, well. reduces if I I it as chain risk

Stephen Mullowney

Yes. Yes, it risk. does. Yes, and inflation

what in Western seeing well, world. As the you're

expansion upcoming, is regards with flow the mill underway. to news So

release have the an or modeling updated Buckreef study Main of will We Gold Zone.

production talking been about Zone only. is So Main we've everything around

a cash position as so, With to last August has $X.X project believe, We have our the million here around our share of XXXX. will We're increasing much that plan this on over in life longer sense could year the price I business metallurgical market share regards participants, that. relative And or currently resources and XX, geotechnical at then need much into better go held have feed to to price up means market give a decently a Buckreef. and of of what we is to well. where studies underway

bit As of a that. above today, we're little

this on So United I we've and believe be our questions. the been of by liquidity profile them we'll we're environment. this some States. And asking X of in maintaining brokerages are covered out call,

business I'd store in well. market price see all, waiting a want to little any driving always plan. like time on take So now over that ultimately, conditions, for higher that operator I we a bit. Christina program, can price. we're we're share get see that back make We to questions. to up to But May the do likes sure back current fairly price. move by Everybody it to pay-as-you-go we time. like think because or And share to believe move higher to do it all share we a I'd hand higher could a and could the a Tough

As you slide the lot can participants slide, a and our this that at activity a of Buckreef. always lot see seen from have of

Christina Lalli

you, Thank Stephen.

Operator

from Instructions] Mr. you. question with Ihle, is open. ahead. first Please Thank go Ihle line H.C. Heiko Wainwright. [Operator your Our is

Heiko Ihle

the then will $XXX. half higher lower Or range? the Okay. that it first half In to Can is mark of you end $XXX lower your second press costs I state. way we second you you've even $XXX the also, then of be achieved And half assume second your be a the fair the "lower next delta end, just processing the the modeling steady done? a release, and at expected quantify the year range ramp-up you in assume of sort to in there costs below the the half bigger the cash take might first and half once over is and of the see? conceptually, the are complete year the is plant stated the cash maybe that the of some closer think would is

Stephen Mullowney

Mike.

Michael Leonard

Yes.

towards to I we think as tonnes economies we've X,XXX to level yet, obviously not that as scale inevitably, day. of we expect a guided detail move of Heiko. mentioned, I quite realize But

about is the lowest think to I thinking it's The way steady-state So plant end capacity. certainly But the a you're cost it expect amongst once right. be front day quarter I X,XXX-tonne year. lower the sort year range of the end higher in course towards of the the the and the average be end of the and will of towards QX of the over the year back the end

Heiko Ihle

sort Okay. any think pen, on -- planned when that do modeling your processing there a basis? cash done? internal monthly XXXX Is will In become of model, been flow positive that's when the you

Michael Leonard

QX.

Heiko Ihle

But monthly?

Michael Leonard

Heiko, you monthly, say positive flow cash on mean you a is basis... When it monthly

Heiko Ihle

Which is month going more money out in? and coming

Michael Leonard

the if QX. comes it is the online say in QX of I'd start expectation

June. our that's So case, in probably

Stephen Mullowney

cash operating always working positive, the way positive. into and it's being to reinvested is it Heiko, So flow out. that flow CapEx the operating cash operating build this significantly cash It's just is flow

so as operating -- as bring plant using we're plant the this it quickly obviously, new all And will on possible. cash once flow most comes predominantly of... to online, Or

Michael Leonard

QX, So and cash. course be it which over based of built operational be start the and the ramping of the towards current fully up generating schedule sort excess point commissioned QX and -- starts of then on Yes. will will at

Heiko Ihle

I'll time. Thanks queue. your for get back in

Operator

Alliance The with next Jake question Sekelsky Global Partners. is from

Jacob Sekelsky

thanks and Congrats on strong for year, my the taking questions.

a the able Just building or and be the Any of on what grade higher to on at color to bit the tonnes I X,XXX seen touch to day. so? a anticipated there to year mean helpful. we've would it over is ramp Are be levels the similar last Heiko's going question throughput. profile you

Stephen Mullowney

Do the you on rate... comment to what want

Andrew Cheatle

Yes.

Jake, you'll we pullback get the on a day, two tonnes so the reasons a tracking are bit build we fast to for So we plant. as see high can grade. a X,XXX that. There's little Obviously, grade of that

already that, on And mined. a stockpile, As for available to mining we of course, us medium because that won't process. the we a it's grade up lower is result of which costs with end to incur

final on expect grade you to the the So some see in quarter. pullback

Jacob Sekelsky

XXXX looking you single to, Or over a the expect scenario? year range expansion Okay. step to and like ton just in gradually call -- do plant. it, you That's ounce have out term up helpful. at might medium the beyond you scale you a XXX,XXX think day to additional looking expansions And a the try been? then continue Do

Stephen Mullowney

Yes.

it So as it both that's from makes -- prepared perspective. sense do a ways shareholder valuation long we're to as

I has able very as build mentioned, good. of plants the us So to these right now, been cost

plants get us get aware to there of quicker. can are where that We

to things to that, But those shareholder And requirements at program go that go we're to you sources of a around question so as you if of into to would bringing most a for the the going think need such versus comes accretive be certainly, down bank I sort going faster. of as to financing pay the and quicker. lot it finance, to capital in look and project ability go financing finance, procured were external we're

per doing that expansion type metrics share under And the the NAV we evaluation that project. currently to we're is and highest of goal that. per can, Our highest EBITDA the going for share, have those

of will it makes certainly, in will option be table for on But be Jake, fashion. it some that at sense the done Looking analysis that shareholders. now, if that fully

Jacob Sekelsky

comment just or like sounds we the I those might towards looking for the year? it mean on news Is at quarter options next of then you're first And in now. Okay. that. that middle something see

Stephen Mullowney

into the and going we would middle And it adjust put to towards makes at because that's if always looking type of we just of be sense. next I America, the particular a suspect scenario year that. more

a period So we're us to of change of get into any time. taken be of we And feel asset, a pivots sort and asset, really over do should the as a it have The can particular that now get while that of we feel lot getting it's we good able quicker. good a -- the now that. to the market

Jacob Sekelsky

me. for it. Got all That's

Operator

ROTH MKM. with is question next from Niehuser Mike The

Richard Niehuser

operating the Stephen, congratulate Can you keeping that back discipline, the all you equals you're project you've and all the okay? hear year, out flow it's and the in directions that appears. putting almost want your I to last money me cash it pushing over on into particularly on investment, come your pretty the how clear really since just to

U.S. the you was either at how or out Tanzania. How perspective, basis? the an gold mind. could cost I or look don't little you if comment, way thing So America price from most you presentation But operating working of the cost on kind more benefit were of other a questions if I would in -- general One in my do your just to Tanzania get a U.S. a mentioned it bit of analysts. North re-asking answered throw a appreciate on and

Stephen Mullowney

I Yes. the look, between we And Tanzania of debate have is I would infrastructure is what does X say the I guess a Tier a between jurisdiction. -- look lot in in well, at case social the place. market this

world-class that get means and qualified to your come Africa in elsewhere, It does what business operate you that particularly and throughout back people mean? have mining run then experience good can mining home. operations So and

the that. and is all electrical to place, and tanks the educational build labor in and system that. in So works skilled plinths Also, before place is

of a here well very lot the haven't important as be out The we there's an building And -- Remember, so door fleet contract that's mining in a operation. in miners. bought then a just fuel And mining. contract Tanzania cost, cost is product. the you obviously, versus have profile in electricity what of local a versus cost XXX% what labor elsewhere, world product

And so front. taker that cost you on have to your

in have versus overruns, X the risk of lot have disputes. in been So our some positive assets that America Tier supposed Tanzania we've a you North in I jurisdictions the A labor very would in of over. cost had experience, in say of picked operating experience

get operational regards nature.So and nothing but of recovery issues, experience. rates Tanzania, things on been positive a into it's to you So too, operating that in with

here noise So do Dodoma. from at a is in Tanzanian you the perspective government level a national of the lot that

manage the So atmosphere things manage the and little a the actual on operational I because kind on separate press easier experience the in of to the operating well, what's versus bit Dodoma quite the we of than ground that's ground. aspects

At ground, experience. good. the Dodoma far, level, answer? Thus It's a on it's been it's too. good I good. been been Did very So extremely

Andrew Cheatle

we've could of for Commission, very us having just We order, old now as another short few commissioner, of been the answer reliability. And like. as power a example, made to no being we'd hey, line I around just If Mining the a regional substantially the somewhat Mike. one November, extended power as power working in not put like well we've line better onto unreliable. approached it's with said, References good which has a And kilometers.

Michael Leonard

for line. Yes. we built Yes, that They line. pay that didn't line. that TANESCO built

Andrew Cheatle

to governments very the work the there. Yes. was But much again, with ability

Stephen Mullowney

the end a big like royalties, They that activity goal see be is jobs want of to us lots at day, around. producer of and of their lots the And economic big, ours.

Andrew Cheatle

Yes. And continue we Tanzania. Stephen, the as to work of other things in think to

de-risking we're project. consistently the So

Richard Niehuser

complete made me follow that's very up. to Well, answer. want It a

underground, was And -- Buzwagi, pit? I not think going about open I but think familiar impact was that you how level? with on at going in comment underground could that to that your I'm an operating about with and timing curious also going an that's the I underground least culture, your mine isn't with shutting and talk down. an is And

Stephen Mullowney

Yes.

now. Mike. question, were good a about at the Buckreef Look, end of we it's Main talking the So Zone right day,

fully pretty Buckreef over powered. and I it will I'm Main it's underground gut be my with confident So pits feel, expect is, and this and like all sound

that have because where the people personally out. gold so dig lots to no is. up go don't so need projects be that and like drilled. there's will forms do where some exploration earth Hopefully And Obviously, to to ultimately and to and does I drilling be of that, do it it

a you're Main, And case. so it It familiar, ultimately, that is vertical is quite wide. as is deposit. the Buckreef

will on mining you're in easier to a It when lot security environment. underground, it's not underground. pit going surface, make of open manage take an that. like I underground to things go it your to risk being So on sense and dilution versus like of reduces you're footprint

underground. needs as well, I the backfill, derisked [ factors] So and environmental open I underground going all with And more It -- over pit. happens â€“ time, well. think gets staying by too tailings project

Richard Niehuser

development of XXX% mill heavily this end making from with prioritizing of say, with do last the really probably Main you're know that Main? you So sure mining year the growth leaning to quarter, I in it's pits the ball you to imagine additional how early resource there's outside underground and on Buckreef you say, make year, Main. going Buckreef it's focused but either But see you're to into by more the in stead south development the to coming other enough Buckreef on still the mine mind. sure too as or I be with these

Andrew Cheatle

do rank answer... We I these, quickly Mike, Yes. can

Stephen Mullowney

Well, question into actually, I it. goes think the

exploration believe the flow right a delineated prospective right? is Andrew you get most priority that to around be into now expansion the property. robust where we the targets cash which So program, expansion, taking has that Do

Andrew Cheatle

obviously got You the at We've range XXX Zone. And you That's meters Zone I have, go Anfield asking much look most priorities, slide you got a just some remember, X east the our at stages. for But of right. results off sitting Very to grams this mineralization again, results as the are Mike, a spectacular the zone â€“ about XXX you broader early meters tonne. to of to that with. Main attractive well. we start is if that XX only

Richard Niehuser

I last you missed sentence the said...

Andrew Cheatle

into then extensions Mike, and is the and a most The the lot main You South for that's pit. attractive of go there, Anfield. why results, main focus

Richard Niehuser

That's Excellent. very helpful.

had. Mr. he the great it is was there. to activities but year of country. question. Tanzania really Gold, more involvement as will in one apparent that that's move to for the Sinclair just the So more the wanted a questions that from my Sutton last to much do part of not priorities bringing exploration with taking I making it, Mr. I'll naturally sure Jim myself, of his him become bill just your but really, pleased Tanzania pretty and say we pride And emerge. this Thanks add was terms will very and the for stop through probably I I'm about during back Well, dense year the analysts thing like in to

Operator

from Limited. Sutherland is Solutions with question next Craig The Conceptual

Craig Sutherland

for not as enhance question amazing Okay, silver, change the increase been future and forward much congratulations already or hear are answered. the due the in would our that you now way or really in property beyond gold tracked Are the have hoping the Buckreef into but fast the drilling you like very your out were progress. value and looking that But have of questions to on this possibilities was you're looking me? what all I the anything on Anfield you been such -- guys geological But the of with go possibilities, the Eastern but there also and is foremost, you we copper, said, other I we had for. how scope good. Majority Porphyry. Can as scope that any focus Main, the a I to had It's first guess see the identifying rest?

Stephen Mullowney

Yes.

do anything in And seeing that want just copper for seeing bit amount of assay get geological we're you please? formation. instance. be the our is just pick type little not copper. would of that the project, that what could doors, do because of into gold a indicate small up here currently, results So portion only in in silver processing. a a not We're you there's there's this that Andrew, small deeper, It's to little a that

Andrew Cheatle

Yes.

am It's in was summarized of that this we're comes gold. gold silver play. is -- it, little greenstone a I you an predominantly a assuming Archaean system. bit it, but Now it with

Stephen Mullowney

gold almost all It's a gold region, it's plays the play. as And in well.

Craig Sutherland

it That's been for Good. else has answered. me. Everything

happy and the you So again, with very all of to success continued progress.

Operator

The Riser next question is from with ]. Stephen Office [ Assembly

Unknown Analyst

a say, work through. technical, of let's to glitches bit there little A

readily asset aware, will some in and are in in family in liquidity team that asset investing strong of effort market discussion. positioning as question wanted of the in work I as for where the Africa, standpoint, for From there the Firstly, hedge the easier there be be production, Vancouver really Idaho, or in weariness centered little increasing exploration office, and evident customer clearly within. to congratulate the to and gold are the capital. is U.S. acquisition, all an sheet, the environment potential a bit perceived manager might to of up high market manager's the are through natural when strong issues from a course, on stewardship ounces XXXX shareholder like, or tightened you industry That's on competing funds. I balance Snowline and particularly there and that have fund an or cleaning of will terms ask miners work really for and The is want intrinsic regions that the do miners Gold to Mining for be example, Hercules team very in many softer capital example,

while. what in to on from drive wanted a website institutional discussions some given one, and of what addition cast and published then the And intrinsic to additional customers. being and that these for investors secondarily aside XX% So done it's very slice value the officers and of even team there going in doing and safe But fairly successfully, know Tanzania. standpoint and might what's more have on in and that terms programs point, investors? family information the acquire one been acquiring the the Africa is slice strong of the rhetorical value related on understand is to I on past about and be this steady Africa reports firm, structural additional the friends, concerns a to or that car see I XX% can put

and positioning of then things that really perceptions active also overcome may and structural investors. to again, cultivation So Tanzania deep market exist pocket the Africa and about

Stephen Mullowney

Yes.

investment the years. improving and away The towards President jurisdiction. government first investment is to for former risk how go lot regards new to direct with the where Magufuli as President wants going that Tanzania it We've is investment. about an So around there's foreign just foreign direct discussed the and as you're fully over all where level government passed X up at direct is Tanzania, a of aware been a progress of the investment

You're seeing fund flows. it the in

in in that Silvercorp. lot investment starting There making. of Barrick And OreCorp investments to presentations Tanzania. acquisition the infrastructure see had of we've is more think just we're by the was that before a recently around I

we've before, to need website, as on our that You And a verticals of that a we not of spoken around get our lot correct. Tanzania. to website. are There's on lot the positive

in administration prior my up risk reduced Tanzania think with conversations investors to and a through the that a the resonate in regards start I little with current that conversations in team's and to bit. administration, starting is seeing the versus

today priorities the in were didn't that meet a as a screen because jurisdictions. registry, out years to I here to year. role, see would in When was show this on basically that ratings regards through few bit around that Ecuador. the versus lot new you the been a and look shareholders call just I participants that I fully of Switzerland investment shareholders is even new broad of to asking and list. have a It's of list call turnover is time. there see not as what that participants use kind put With acquisition Kind shareholders versus you're week, last go the and similar Institute I other the are of more we other shareholder aware, a up at didn't it's ratings today like OBO we will shareholders. new on come with in -- shareholders. and the in up And last it much think here you're do a well. they even I ago, the NOBO Fraser analogy XX over realize I would a such quite in see they similar

of communications family continue out institutional investors those meetings large continue, retail So have reach to and also a to and offices. lot and we

more your on and look the at what Does answer to that does question? traditional better, day X,XXX onto a but that tonnes information you are formulated, I that longer-term some continues. become try say Zone, mining, investable underground to do all company. put enable and into answer Buckreef sense or look as would much kind plans. were ramp that be we has -- today of we will business mining as more have once that that yet, that hopeful tenement like with more plant can that And tonnes will currently question couldn't you're start up known the of will we I to to than a XX with question today. answer medium- if I formulate forward don't people regards evaluation a seeing go Buckreef more our is here, Main which in to talking that the about you that Main, to So to that to day Today, we more significantly I'm expansions.

Unknown Analyst

Yes, fact-based particularly perceptions some the that Tanzania it might grateful further and Africa. certainly, about we're dispel the for that be and to managers of going insights on And for does. look forward site asset Western exist

Stephen Mullowney

acquisitions helpful $X.X aren't starting mining envision that investments that Tanzania property, too, for Yes. to that That in capital that properties the have sources there. Steve, means of well. The afraid look, of there Ocre larger [ make billion. are occur And you it's as CapEx ] to is

there to going be large written that's by somebody. check So equity a

Operator

Independent Very Tumazos is Research. Tumazos John question with John next from The

John Tumazos

on progress. Congratulations profit the

Stephen Mullowney

John. Thanks,

John Tumazos

that of are capacity expansion other succinct a ball installation, tailings for process where the Or may is mill X,XXX excess parts et mine in exists plant flotation capacity release necessary probably exists exists? simplify, press parts is the excess day too? and other all and Your the is expansion the underway of cells, and capacity there cetera, tonne

Stephen Mullowney

Yes.

parts So of well. the expansion there's other underway as

So being the first. is circuit crushing expanded

have as nature. equipment in is of built expanded. ball as then come to to components plinths this And Buckreef the need that things should going crushers and new going that electrical to in be that's to this and a the to as The for arrived month onshore The year. result does should mill built so tank so need capacity and month well. be jaw be that that be need expansion, online There come the of

tailings need we regards I well. a lots participants for market after that have that a be as with we will do plan longer-term done. tailings, And need about X years, to We That do of told plan. and locally

We can if place of speak stack we're to sort also the tailings. and process in all together, that, presses, those of in put as time over thickeners options, period as looking expand we desired we tailings type But our looking of at of through well. are time. it's that doing processes that of dry facility, putting in wet so a filter whether stack at that dry lot In also

So rightfully, is question right. your

the got a a and rates opened our in M&A for up that. output. On of we our prior did achieve is to mining, We that the we last mining current term, mining And maintain all components think I lot to the can year. case. deposit said that medium

Michael Leonard

John. have time. just cellular And point don't a flotation there, clarity a at of We this

John Tumazos

flow might priorities? you of as your be exploration, may uses and in In what that of in XXXX talk terms drilling about other production could XXXX or the cash regional be comes programs the funds from

Stephen Mullowney

regional the it tell will but Andrew, develop program, time, is the not ahead, over certainly goal... Go

Andrew Cheatle

to one Maybe just go could slide to ask exploration. back, of I Steve, us the maybe,

John Tumazos

we go. There

Andrew Cheatle

bit this it's about John, it. talk slide easier a with to

very there, colors center the with zone is Main the in see, the clear. can you As

those Just east all dot. of to the immediate white that,

identified X Chinese to northeast far, is Porphyry understand by with X there's with you which in can anchored red the off group. that of south can operation locals east, drilling little zones Northeast additional that, over but arrows, red and still have you I'll kilometers opportunity much deposit, the in Outside so some the we off in East. see the of the is Eastern by open so some another see So start test. that we We've intermittent under the mining arrows. There trend the that, there's just to set to

trend as extreme for You and same west identified Porphyry the notice the and I eye again, that additional also over the to then Anfield Main through Eastern if zone. left, it's take on the And of fieldwork X and there. the we've trends similarly, your

further there's And I keep is as track so no may on you there, some shortage to that. targets So us. in be John, there and real as who in the of arise we use region, to would like the around â€˜XX, Broadly drill go the â€˜XX zoo of who phrase, always opportunities and activity. expect

Stephen Mullowney

approached us, guys lot have a too. of Yes,

high-grade, be once of model that, because comes about So a is mind. Calibre smaller fully that had when spoke running, there think here hub that lot have and I plan will companies develop as done I successful of is think one when can business plant processing through you up time pits. there's more is over a And this this, and the is said, to type and

human that's -- need point time. we this But in that constrained focus certainly, capital processing the at it's a plant. to on So

region. second, First, integrates what's on then look and that all our the how into to go property,

Andrew Cheatle

Yes, have new we products.

Eastern both We Africa. been within locally have also and we received assess which inbounds

John Tumazos

I can more. ask one

or probably any Tanzania. rises projects advance industry inputs other gold East in of As active also skilled Are in to shortages The graphite above X,XXX, production? labor Africa. there is

Stephen Mullowney

Yes.

that that we've lack a is and global and Tanzanian that's I On just those that say So labor, of skilled supplement that the I there's excess good other and individuals execute. shortage But some services or than seen -- site. regard geologists, a highly mining Tanzania, to engineers. global is global where a shortage thus skilled and that professional around labor but in -- engineer in skills shortage haven't skill think supplement one this on think of Tanzanian is metallurgists I a as we the supply on with is engineers, shortage thing. a is and Tanzania of skill thing versus firms disciplines in with shortage set with a inputs, skilled and set it there would that's we There been of more the a and our mining far. mining

Andrew Cheatle

Yes.

John, think modest also, we have can to also attract been very we key turnover. say able have Yes. I and a I people,

been to to retain wish able well we've So retain. very as we

John Tumazos

you're people retain well. as a And when I Yes. think growing attract easier to it's in project, and

in long to we continue well, people regard on So and side. pay okay then grow the that as as should we HR be

Stephen Mullowney

later you, Thank John. See month. this you

Operator

Yes.

don't I over any We Sorry, was to have text going just questions, it hand questions to Stephen, Mike. for writing. in

Michael Leonard

Q&A... take Just

Operator

There are.

the column the Q&A. in on to just You need click text

Stephen Mullowney

should read them see people questions? we Can out? Or the

Operator

them. see No. They cannot

Michael Leonard

Okay.

question. the can maybe Stephen, So read you

Stephen Mullowney

read Yes, I'll the question.

this I the So think dividends this there and is physical from medium I that, term, gold? at. paid a Right to we past. Is and to I not from private -- we to time, have question the something get realistic are that all in would it's possibility asked investor, say the comes question a looking future now, get short that

it the STAMICO. royalty closely, As partner through we fairly of a a government in Tanzania the venture does gold, put Tanzania and on joint gold you're government have its does aware, track

medium gold. in see the term So physical short I don't in a dividend to

TRX agree million million high ground. numbers ounces opinion The XX based that a second personal Board would the Gold about of X on possibility the presented, there's is you to with has exploration question the under gold the grade my from individual

that ounces. traded would we opinion a lot a that it million work sort of fact-based that come of need XX point level. hopeful public to So But drill to does the sort of at bit. the potential I'm is personal need million property drill Andrew that through out on will that to Personally, are obviously, to be out to hopeful to will property level. proven markets. We come X the that, That do property on versus this do this in time. that opinion exploration to be to of a

Andrew Cheatle

results. would no we've had exploration say, That's correct, I Steve, on early is shortage there personal mining positive our of special And opinion. potential again, very license.

Stephen Mullowney

be need Exactly. But it does to proven out.

Andrew Cheatle

There's a that's done, lot name the of of drilling but the to be game.

Stephen Mullowney

name game, of the That's yeah. the

So resources in an the do indicated How describe expect full okay, would you to -- questions updated out the X when next there. bring is, so question you report?

of Buckreef potential full update be as that resources the So Andrew? that is with doing there are are part that, get in correct, looking regards Zone. I on Buckreef Did to updated at the currently report. what indicated in an would economic Main Zone. Main What resources we the And the is of

Andrew Cheatle

Yes.

Stephen Mullowney

that expected XXXX. So How June. to By come you fiscal out in is half first the would Yes. of describe...

Andrew Cheatle

Calendar...

Stephen Mullowney

Calendar, Yes, yes. It's Yes. not calendar. sorry, fiscal.

answer investors. relationship describe since rumors rumors being think Tanzanian aggressive to relationship good. the how the old would Steve were The this. I question that next the sold to some is -- current not government, foreign did there we we Tanzanian -- and current So with question, friendly president, of did the And Reis' you is,

the a secretary, We as with Mining the Vice good -- relationship permitting now and relationship [ the with who's relationship have mining old well mining we minister Prime with the have a the good a in venture joint good minister our ] employer, reputation. countries is good partner. in with Africa, put reality a become in a an you you become have if and good production, Commission a asset to The taxpayer, it, continue grow good you Minister

say, fine. as so relationship generally we're asset see would. what regimes just And You in, government. and much grow the I'll want And to the the you're to with as was came build foreign When soon relationship I old that we power. investors. President as in and the as regimes. aggressive a have not And was aggressive to not as good right, start friendly the we with They started, on that's asset, President old board we

foreign been of I I've a this them, on relationships, of and government and come both I've side role to The I've got of countries, them is on So go into and when a lot investor said open. and my business in -- prior think is to world lot the the that people government to side. often managing you

XX a And Everybody mean? connection. case so has what years Internet ago. an same which has information, the the access to that wasn't Everybody Everybody does has smartphone.

And mobile West. are so in -- of same lot now a the the are then particularly educational very the in people and educated and institutions,

and as An you taking. transparent fair, open we've a long As relationship, you relationship. have been that good asset a generally, have approach

Michael Leonard

into as But the government think has key talked a the put Stephen. investments, publicized. metrics growing GDP. fairly of you of about direct well It's percentage one I place mining that is new foreign

Stephen Mullowney

That's correct.

Michael Leonard

targets put they that. around And numbers some in and

So new along and I certainly we're as point, change. we a Stephen's to to execute, long getting regime And continue as expect don't to that well.

Stephen Mullowney

to when bad. is not down, And shareholders is sometimes It's what's of investors to a forward company the are, markets so business are that sometimes how good, at. as ups are a possible, what downs to so is is but business up And investable. the and value is many come our survive markets the So question us next could investors markets and perception. in up, control what's to control to also rewarded? plan go go story possible. that And from the a within going market be market many reach what are markets those market plan as as out Put much

think That weeks managed of realize, and this of at rates education couple to that people with is capital and It's up be last when with up large of in And the generally, valuations you my as Liquidity the my never a why And I could up, but lot I over don't plan dries a we've of interest mankind. pretty access did asked was down. go the business simple go well a history equation. full drives is a with? do go usually went of that. lot interest ability one is, realization was They never part -- were There rates usually economics. the you zero forever. it. in a to

and time, a cash it's of as in don't from type survive out business It's junior flow time. the this And see profile plan the being the get rewarded that rolls and growth. business market. self-funding necessary in Today, it shareholders the than I not record. down and business have ups to that wanted so as have over slow profile this EBITDA its I will survive predominantly explorer, liquidity could would market. business should survive at in you, We you But profile, a operation. resource And business We need joined, point plan And downs. that the survived ideally tell does build when this place those can its to plan plan a this market.

question is management time. the with I I trade TRE progress in royalty it. who has market the plan a years on appreciate I project presentations, So extremely would next markets. bullishness almost and I we'll business I'm we believe the was this gold, business And company all profile hope from back, predominantly it's It higher. And beginning, at in a as same be is vision team then in hide, as That highs, than don't TRE pollutions when made. in was being got ago. good that part can. goal probably at today original bit bullish. if much net many ultimately [ We than and the the of was whole we're X made When risky the in moved market have feel different I have different since point all-time addressed exploration the that who to say I that the could risk its and again. of out this investors came plan a And lows is come the little get hopefully, you've into forward today. call the before. board associated those were just shape. trading were over that's on lot And that we've to ]. investors it a I

Operator. So I hope answers that that question.

Operator

time. at questions further no are There this

for it hand to back I'll concluding remarks. you So

Stephen Mullowney

Yes. Thank you.

So come. everyone news continues growth growth that heard into in of us, to We're a from and XXXX hopeful stay that, for grown We've company. has XXXX. tuned well are lot quite as we a

more we'll think have than lot a I news XXXX. XXXX,

have a underway. We lot

We the plant expansion. have

then was that the bit the start will produce And will a I to like of a a Buckreef to to formation business we I said, turn one new Main and the flexible. have We emerges, lot be current for business likes there XXXX. of a The flexible. better results. today really drill and management as limit. plan Zone, But if a presented and exploration be What team is be for plan one won't

today's make to a attempt and we want value minimize you. on as And as us. dilution call and always keep to I sticking with we possible. in Thank so being much thank that for And sure mind shareholder everybody shareholder

Operator

This meeting. the concludes

pleasant may disconnect. a You day. and you for participating, Thank have

Stephen Mullowney

Thank you.

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